BVI News

More business shut-downs possible with continued seaports closure

A section of the British Virgin Islands

The BVI Chamber of Commerce & Hotel Association (BVICCHA) said the April 2021 extension for the reopening of seaports is a major blow that could result in the permanent closure of some businesses.

The BVICCHA was referring specifically to businesses in the accommodations and food services sector, which the organisation said has taken a hit for the second year in a row.

“The accommodations and food services sector, which accounted for over $80 million in economic activity in 2016, has suffered another major disruption that could result in permanent business closures. While the business community appreciates the priority of public health and safety, a balance is needed to protect livelihoods that, if not preserved, will have a long-lasting impact and result in socioeconomic fallout such as poverty due to chronic underemployment or unemployment,” the BVICCHA said in a public release.

The BVICCHA bemoaned the reality that many businesses are facing, saying many have earned little to no revenue over the past 12 months, are in a dire position and unable to return persons to work or pay severance without going bankrupt.

In addition, the organisation said some businesses have still not received business relief assistance promised by the government some six months ago.

“As reported in October 2020, many businesses that rely on tourism dollars, directly or indirectly, have exhausted savings trying to survive thus far, and some are going into debt trying to sustain operations. Some businesses are still reporting that they have not received business relief assistance promised from six months ago,” the organization said.

The BVICCHA, therefore, called on the government to implement strategic actions to diversify the economy in the next three to five years. It also renewed calls for a Comprehensive Economic Recovery & Development Plan to be developed with stakeholder consultations that include unemployment benefit scheme, economic relief/paycheck protection program, bank deposit insurance, moratoriums, and bankruptcy regulations.

The BVICCHA also recommended that the government start doing quarterly economic reports to provide information for planning and decision-making.

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23 Comments

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  1. doh says:

    Yup. The storm is now upon us. Prepare for the wave of closures that pushes us further into economic ruin.

    But carry on

    Like 40
    Dislike 1
  2. Anonymous says:

    Everyone concerned about MONEY and not LIVES. If we are so resilient as we say we are we can weather the pandemic storm and try to stay afloat. by God’s grace we will and we can. come on my people lets have a little faith.

    Like 19
    Dislike 54
  3. Rubber Duck says:

    No sh1t Sherlock.

    Like 13
  4. bottom line says:

    THE VIP HAS GOT TO GO !!!

    Like 22
    Dislike 1
  5. Guns are more a concern.. says:

    These people who are getting full salaries are blind to the bigger picture..Guns have killed more people by far than covid, but its easy to use covid as scape goat for everything that failed..

    Like 21
    Dislike 4
    • Anonymous says:

      Covid had the potential to kill a lot more people than guns in the BVI if government didn’t close the borders, implemented curfew and other actions to curb the spread of the virus.

      Like 4
      Dislike 12
  6. MAGICIAN'S MOVE says:

    Keep your eye on the Covid 19 drama while we do the Totalitarian Tip Toe. Don’t forget to social distance, wear mask and get the jab to save the economy. Anymore bull s**t we’ll inform you as soon as necessary.Baaa poop who p**sed on the grass ba poop aaa.

  7. poor people says:

    They wouldn’t go out of business if government would give stimulus and assist with essentials like electricity, phone, internet. Government needs to step up and save these poor people who are struggling to survive. Just a little help please and we can get through this together. BVI LOVE STYLE

    Like 2
    Dislike 1
  8. jokers says:

    ITS SO WEIRD NONE OF THESE ASKHOLES WHO ARE BLOGGING ARE SAYING CANT WAIT TILL BVI IS 100%VACINATED SO WE CAN LET LOOSE BE HEALTHIER AND WEALTHIER
    FOOLS DI FOR THE LAC OF WISDOM

    Like 2
    Dislike 2
  9. Jus maybe says:

    I’m thinking let’s just vaccinate everyone with cocaine. Seems no problem getting a huge supply. Heck, more than enough for the entire BVI just in the Cane bust.

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